24-Hour Economy’s job creation push yet to gather speed – Nii Moi Thompson
Chairman of the National Development Planning Committee, Dr Nii Moi Thompson, says the job creation component of the government’s 24-hour economy programme is yet to gather the speed required to make a significant impact.
Dr Nii Moi Thompson, Chairman of the National Development Planning Committee, has stated that the job creation aspect of the 24-hour economy programme in Ghana is lagging behind in its intended impact. The 24-hour economy concept originated from the 48 Development Plan, a key idea that the programme encompasses businesses of various sizes, from small enterprises to large firms.
However, it is noted that investments in bigger businesses take time to materialize due to their gestation period, which can delay the desired outcomes. Thompson anticipates that in the upcoming years, the government's focus will shift more towards supporting small and medium-sized enterprises (SMEs) to ensure that the job creation benefits are distributed across the entire economic spectrum.
This adjustment is crucial as existing businesses are responsible for a significant portion of new job creation, with analyses indicating that 80% of new jobs originate from them. While job creation is a primary promise of the 24-hour economy, Thompson stresses the importance of addressing the quality of existing jobs, as Ghana grapples with issues such as unemployment, underemployment, and poor-quality work.
He expects the government to prioritize the improvement of job quality over the next two years to ensure a more comprehensive and sustainable impact from the 24-hour economy.
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